biote Corp. (NASDAQ: BTMD)

biote Corp. operates a high growth practice building business in the hormone optimization space. The company provides Biote certified practitioners with an end to end platform that includes education, training and certification, practice management software, inventory management software, information on hormone replacement therapy products, digital and point of care marketing support, and a line of Biote branded dietary supplements. By charging fees for the Biote Method and selling its branded supplements, biote Corp. enables clinicians to establish and grow hormone optimization practices using a cash pay model that minimizes reliance on insurance reimbursement. biote Corp. functions similarly to a franchise model, supplying the necessary components for practitioners to build, launch and sustain a hormone optimization program within their existing clinics.

biote Corp. generates revenue primarily from two sources: fees charged to Biote partner clinics for the Biote Method and sales of Biote branded dietary supplements. The Biote Method fees cover education, training, re training, practice management support, inventory management services and the pass through cost of hormone pellets that clinicians may choose to provide as part of treatment. In 2025 service fees accounted for about 71% of total revenue while supplement sales represented roughly 22%, with the company reporting total revenue of $192.2 million for the year ended December 31, 2025 compared with $197.2 million for the prior year. Net income was $31.6 million for the year ended December 31, 2025 versus $0.05 million for the year ended December 31, 2024, reflecting improved profitability.

The company operates through the following segments.

• Biote's operating segment: This segment encompasses the Biote Method practice building platform, including education, training and certification, practice management software, inventory management software, clinical decision support, and the sale of Biote branded dietary supplements, which together support clinicians in delivering hormone optimization therapy and related wellness products.

biote Corp. holds a leading position in the practice building market for hormone optimization, competing with companies such as Evexias Health Solutions, SottoPelle, Pellecome LLC and Purepell. The U. S. hormone replacement therapy market exceeded $7 billion in 2020 and is projected to grow at approximately 7% annually through 2026, providing a sizable opportunity for bioidentical hormone therapy services. The company differentiates itself through a proprietary end to end platform that combines education, training, practice management tools, inventory management and clinical decision support with a line of Biote branded supplements, allowing practitioners to offer a cash based, high margin service. Strong brand recognition among practitioners, a practitioner retention rate above 91%, a network of over 9,200 Biote certified practitioners in more than 5,300 clinics, and proven profitability with $31.6 million net income in 2025 reinforce its competitive advantages.

biote Corp. serves Biote certified practitioners who operate clinics across specialties such as obstetrics and gynecology, family and general practice, urology and internal medicine. Approximately 70% of the company's customer base consists of these specialty practices, while the remaining patients receive hormone optimization therapy and Biote branded supplements through their treating clinicians. As of December 31, 2025, over 9,200 Biote certified practitioners were contracted, roughly 65% of their clinics offered Biote branded supplements, and the average supplement volume per practice was about $7,900.